Foxconn Makes a Play for Sharp
Foxconn has offered to buy Sharp for $5.3 billion, reports the Wall Street Journal. Foxconn's offer arrives just as Sharp is weighing a buyout offer from Innovation Network Corporation of Japan. Sharp, known for its LCD displays and IGZO technology, has required multiple bailouts over the last few years as weak financials plague its ability to compete. The main thrust of INCJ's potential investment is to keep the company based in Japan, where it would be merged with competitor Japan Display. Investors believe combining Sharp and Japan Display would lead to a stronger competitor to rivals Samsung and LG. The INCJ deal has the blessing of Japan Prime Minister Shinzo Abe, but at about $2.6 billion is only half that of Foxconn's offer. Analysts cited by the Wall Street Journal and Reuters believe the final decision will be a political, and not a business, one. Foxconn is based in Taiwan.
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